Synthetic biology is a novel area of research that is the amalgamation of multiple disciplines such as molecular biology, biotechnology, biophysics and genetic engineering among others. There are chiefly two approaches used in synthetic biology namely, top down approach and bottom up approach. Top-down approach involves the re-design and fabrication of existing biological systems for producing synthetic products. Bottom-up approach involves designing and construction of de novo biological systems or devices that do not exist in nature. An impending need to understand the functioning of genetic elements, cells and biological processes has led to the emergence of synthetic biology. Synthetic biology products are used across many industries, including pharmaceutical & diagnostics, energy, bioplastics and environment.

World synthetic biology market was valued at $ 5,245.7 million in 2015, growing at a CAGR of 23% during the forecast period. Assistance from government and private organizations, rising number of synthetic biology research entities and declining cost of DNA sequencing & synthesizing are the major factors driving the market growth. On the contrary, bio-safety & bio-security issues, would hinder the market growth. The issues related to the misuse of synthetic biology or possibilities of accidental release of pathogens into free atmosphere would remain as a key challenge worldwide. However, rising demand for bio-fuels, growing awareness in emerging economies and rising R&D investments for synthetic drugs and vaccines would offer lucrative opportunities in the market.

Based on geography, the market is segmented across North America, Europe, Asia-Pacific and LAMEA regions. In 2015, Europe was the leading geography in terms of revenue generation followed by North America. Further, Europe would continue to maintain its lead position through 2020 owing to constant support from European government and private organizations, establishment of small start-ups and investment by leading companies especially in the biofuel segment. Asia Pacific is projected as the fastest growing market owing to increasing number of research entities.